New Oriental Education & Technology Group
According to RHB Research’s technical analysis report on HK-listed stocks dated August 24, this education-themed counter staged a bullish breakout, breaking past the HKD20 resistance on high trading volume. The positive price action indicates that the correction phase is complete, and upside movement has started. The bulls are setting their sights on the next resistance level pegged at HKD21.86, followed by HKD25. On the downside, a breach of the HKD18 support level would negate the research house’s expectation.
ZTO Express (Cayman)
ZTO is looking to stage a bullish breakout, testing the HKD217 immediate resistance level with strong trading volume. It is observed that the stock has been charting “higher highs” with “higher lows” recently, showing that bullish momentum is building up. If the breakout takes place, the stock should climb towards HKD230, followed by HKD240. On the other hand, if it falls below the HKD205 support level, the bears would be in control.
